VUB Banka
VUB banka maintained its highly profitable course, showing a 33.8% increase in net profits in 2005 and a strong 18.7% RoE. The bank regards itself as the most cost-efficient bank in the market, reducing its cost/income ratio to 58.8%.
In retail, VUB continued to grow its portfolio of mortgage and consumer finance products aggressively with the retail loan book expanding by 60% compared with the market’s 40%. The acquisition of Consumer Finance Holding contributed to strong asset growth. A new current account product, the flexi line, a redesign of the SME sales model and growth in large corporates, especially in the automotive industry, have all helped to strengthen the bank’s overall position.
According to CEO Tomas Spurny: “VUB had a strong year in 2005. We retained the position of the most profitable bank in Slovakia for the third year in a row. Equally importantly, last year we also became the most efficient bank in the market, for the first time. We have thus confirmed our ability to grow and yet retain a firm control over our cost base.
“We will remain focused on our clients, and we will aim to stabilise the bank in terms of the business model and people, increase risk consciousness, and improve the overall service concept and quality of processes.”
